HSC Commerce: Marketing and Salesmanship 12th Standard Board Exam - Maharashtra State Board Important Questions for Book Keeping and Accountancy

Ram and Shyam were in partnership sharing profits and Losses in the proportion of 3 : 1 respectively. Their Balance sheet as on 31st March, 2020 stood as follows:

They admit Bharat into partnership on 1^st April 2020. The term is that

1. He shall have to bring in cash ₹ 40,000 as his Capital for 1/5^th share in future profit and ₹ 20,000 as his share of Goodwill.
2. A provision for 5% doubtful debts to be created on sundry debtors.
3. Stock should be appreciated by 5% and Land and Building be appreciated by 20%.
4. Furniture to be depreciated by 20%.
5. Capital Accounts of all partners be adjusted in their new profit-sharing ratio through Cash Account.

Prepare:

1. Profit and Loss Adjustment Account
2. Partners' Capital Account
3. Balance Sheet of the new firm.

Ram and Shyam were in partnership sharing profits and Losses in the proportion of 3 : 1 respectively. Their Balance sheet as on 31st March, 2020 stood as follows:

They admit Bharat into partnership on 1^st April 2020. The term is that

1. He shall have to bring in cash ₹ 40,000 as his Capital for 1/5^th share in future profit and ₹ 20,000 as his share of Goodwill.
2. A provision for 5% doubtful debts to be created on sundry debtors.
3. Stock should be appreciated by 5% and Land and Building be appreciated by 20%.
4. Furniture to be depreciated by 20%.
5. Capital Accounts of all partners be adjusted in their new profit-sharing ratio through Cash Account.

Prepare:

1. Profit and Loss Adjustment Account
2. Partners' Capital Account
3. Balance Sheet of the new firm.

Profit for 2015, 2016 & 2017 is ₹ 10,000, ₹ 15,000 & ₹ 25,000. Calculate average profit.

A, B and C are sharing profits and losses in the ratio of 1/2, 3/10, and 1/5 respectively. Find the new ratio of the remaining partners if A retires ______.

The following is the Balance sheet of partners Aditya and Chaitanya on 31^st March, 2019 they share profits and losses in the ratio of 3 : 2:

Balance sheet as on 31st march 2019

Adjustments:

They admitted Sachin into partnership on 1^st April, 2019 on the following terms:

1. Building to be valued at ₹ 36,000, machinery and furniture to be reduced by 10%.
2. Sachin should pay ₹ 6,000 as his share of Goodwill. 50% of goodwill withdrawn by partners in cash.
3. A provision of 5% on debtors to be made for doubtful debts.
4. He should bring ₹ 18,000 as capital for 1/4th share in future profit.
5. Stock is to be taken at the value of ₹ 30,000.

Prepare:

1. Profit and Loss Adjustment Account.
2. Partners’ Current Account.
3. Balance Sheet of the New Firm.

The following is the Balance sheet of partners Aditya and Chaitanya on 31^st March, 2019 they share profits and losses in the ratio of 3 : 2:

Balance sheet as on 31st march 2019

Adjustments:

They admitted Sachin into partnership on 1^st April, 2019 on the following terms:

1. Building to be valued at ₹ 36,000, machinery and furniture to be reduced by 10%.
2. Sachin should pay ₹ 6,000 as his share of Goodwill. 50% of goodwill withdrawn by partners in cash.
3. A provision of 5% on debtors to be made for doubtful debts.
4. He should bring ₹ 18,000 as capital for 1/4th share in future profit.
5. Stock is to be taken at the value of ₹ 30,000.

Prepare:

1. Profit and Loss Adjustment Account.
2. Partners’ Current Account.
3. Balance Sheet of the New Firm.

Given below is the Balance sheet of Amar, Akbar and Anthony who were sharing profits and losses equally:

Amar retired on 1st April, 2020 from the firm on the following terms:

1. Furniture to be valued at ₹ 28,000, Machinery ₹ 76,000 and Motor car ₹ 47,600.
2. R.D.D. to be maintained at 5% on debtors.
3. Goodwill of the firm is to be valued at ₹ 30,000. However, only Amar’s share is to be raised in the books.
4. A part payment of ₹ 20,000 to be made to Amar and the balance to be transferred to his Loan Account.

Prepare:

1. Profit and Loss Adjustment A/c.
2. Partners’ Capital Account.
3. Balance Sheet of the New firm.

Seeta and Geeta share profits and losses in the ratio of 3:2 in Partnership Firm. Their Balance Sheet as on 31^st March, 2020 was as under:

Balance Sheet as on 31^st March, 2020

On 1^st April, 2020 they admitted Reeta on the following terms:

1. For half (1/2) share in future profit Reeta should bring ₹ 15,000 as capital and ₹ 7,500 for goodwill in cash.
2. Furniture should be appreciated up to ₹ 8,025 and building be appreciated by 20%.
3. R.D.D. is to be maintained at ₹ 1,500.
4. The stock is to be reduced by 10% and machinery depreciated by 5%.
5. Half of amount of goodwill is withdrawn by old partners.

Pass the necessary Journal Entries in the books of the firm.

Seeta and Geeta share profits and losses in the ratio of 3:2 in Partnership Firm. Their Balance Sheet as on 31^st March, 2020 was as under:

Balance Sheet as on 31^st March, 2020

On 1^st April, 2020 they admitted Reeta on the following terms:

1. For half (1/2) share in future profit Reeta should bring ₹ 15,000 as capital and ₹ 7,500 for goodwill in cash.
2. Furniture should be appreciated up to ₹ 8,025 and building be appreciated by 20%.
3. R.D.D. is to be maintained at ₹ 1,500.
4. The stock is to be reduced by 10% and machinery depreciated by 5%.
5. Half of amount of goodwill is withdrawn by old partners.

Pass the necessary Journal Entries in the books of the firm.

State whether the following statement is True or False with reason.

The debit balance of insolvent partner’s Capital Account is known as a capital deficiency.

Mr. Aaba and Mr. Baba are equal partners whose Balance Sheet as on 31 st March, 2012 was as under:

                                                               Balance Sheet as on

                                                                  31st March, 2012

Due to weak financial position of the partners the firm is dissolved.

Aaba and Baba are not able to contribute anything from their private estate, hence they are declared insolvent.

The assets are realised as follows :-

Stock Rs. 3,000, Plant and Machinery Rs. 3,000, Furniture Rs. 1,000, Land and Building Rs. 2,000 and Debtors Rs. 1,000 only.

Realisation expenses amounted to Rs. 500.

You are required to prepare necessary Ledger Accounts to close the books of the firm.

An account opened to find out the profit or loss on sale of assets and settlement of liabilities.

On the above date, the partners decide to dissolve the firm.(1)  Assets were realised as -
Machinery Rs. 22,500, Stock Rs. 9,000, Investment Rs. 10,500, Debtors Rs. 22,500
(2) Dissolution expenses were Rs. 1,500.
(3) Goodwill of the firm realised Rs. 12,000
Pass the necessary journal entries int he books of the firm.

Devendra and Ganesh were partners sharing profits and losses in the ratio of 3: 2. They dissolved the partnership firm on 31st March 2013 when their position was as follows:
The assets realised as follows:

(1) Debtors Rs. 45,000, stock Rs. 1,00,000 and goodwill Rs. 12,500

(2) The motor car was taken over by Devendra for Rs. 35,000 and furniture by Ganesh for Rs. 30,000.

(3) The creditors were paid Rs. 11,250 in full settlement.

(4) The realisation expenses were Rs. 5,000.

Pass necessary journal entries in the books of the firm.

The assets were realised as under:
Goodwill Rs. 15,000, Stock Rs. 1,20,000 and Debtors Rs. 54,000.
Machinery was taken over by Prabhakar at Rs. 40,000 and furniture by Uday at book value.
Uday agreed to discharge his wife’s loan.
The creditors were paid at a rebate of Rs. 3,000
The expenses of dissolution amounted to Rs. 6,000
Pass necessary Journal Entries in the books of the firm.

Give the word/term/phrase which can substitute the following statement.

Assets which are not recorded in the books of account.

If any unrecorded liability is paid on dissolution of the firm ___________ is debited.

Ashwin, Bhavin and Pravin carried on business. They share profits an losses in the ratio of 5 : 3 : 2 respectively. Their Balance Sheet as on 31st March, 2016 was as under :

Balance Sheet as on 31st March, 2016 

On the above date, the firm was dissolved, and the assets realised were as under :

1. Investment Rs 10,000. Stock Rs 48,000, and Debtors Rs  30,000

2. Plant and machinery were taken over by Ashwin at book value.

3. Sundry creditors and Bhavin's loan were paid in full.

4. Realisation expenses incurred Rs 2,000.

Prepare :
(1) Realisation Account
(2) Partners' Capital Account
(3) Bank Account